Problem 4: The following transactions affected ABC Corporation's merchandise inventory during the month of March, 2016: March 1 March 8 March 14Sold 2,000 units for $11 each on account. March 18 March 25_ March 31 Inventory on hand -1,000 units; cost $6.00 each. Purchased 6,000 units for $5.50each on account. Purchased 4,000 units for $6.20 each on account. Inventory on hand-4,000 units. -Sold 5,000 units for $15.00 each on account. Part 1. Prepare the journal entries to record the purchase of March 8 and the sale of March 14 under both periodic and perpetual inventory systems (when using the perpetual system, prepare the journal entries under both FIFO and LIFO